|
Report Date : |
03.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
MOTECH INDUSTRIES INC |
|
|
|
|
Registered Office : |
6F, No.248, Sec.3, Pei-Shen Rd Shen-Keng Hsiang New Taipei, 222 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
03.06.1981 |
|
|
|
|
Legal Form : |
Public Parent |
|
|
|
|
Line of Business : |
Manufacture of electronic components and boards |
|
|
|
|
No. of Employees : |
3,893 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
TAIWAN - ECONOMIC OVERVIEW
Taiwan has a dynamic capitalist economy with gradually
decreasing government guidance of investment and foreign trade. Exports, led by
electronics, machinery, and petrochemicals have provided the primary impetus
for economic development. This heavy dependence on exports exposes the economy
to fluctuations in world demand. In 2009, Taiwan's GDP contracted 1.8%, due
primarily to a 13.1% year-on-year decline in exports. In 2010 GDP grew 10.7%,
as exports returned to the level of previous years, and in 2011, grew 4.0%. In
2012, however, growth fell to 1.3%, because of softening global demand.
Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are
major long-term challenges. Free trade agreements have proliferated in East
Asia over the past several years, but except for the landmark Economic
Cooperation Framework Agreement (ECFA) signed with China in June 2010, so far Taiwan
has been excluded from this greater economic integration in part because of its
diplomatic status. Negotiations continue on such follow-on components of ECFA
regarding trade in goods and services. The MA administration has said that the
ECFA will serve as a stepping stone toward trade pacts with other key trade
partners, which Taiwan subsequently launched with Singapore and New Zealand.
Taiwan's Total Fertility rate of just over one child per woman is among the
lowest in the world, raising the prospect of future labor shortages, falling
domestic demand, and declining tax revenues. Taiwan's population is aging
quickly, with the number of people over 65 accounting for 11.2% of the island's
total population as of 2012. The island runs a large trade surplus largely
because of its surplus with China, and its foreign reserves are the world's
fifth largest, behind China, Japan, Saudi Arabia, and Russia. In 2006 China
overtook the US to become Taiwan's second-largest source of imports after
Japan. China is also the island's number one destination for foreign direct
investment. Three financial memorandums of understanding, covering banking,
securities, and insurance, took effect in mid-January 2010, opening the island
to greater investments from the mainland's financial firms and institutional
investors, and providing new opportunities for Taiwan financial firms to
operate in China. In August 2012, Taiwan Central Bank signed a memorandum of
understanding on cross-Strait currency settlement with its Chinese counterpart.
The MOU allows for the direct settlement of Chinese RMB and the New Taiwan
dollar across the Strait, which could help develop Taiwan into a local RMB hub.
Closer economic links with the mainland bring greater opportunities for the
Taiwan economy, but also poses new challenges as the island becomes more
economically dependent on China while political differences remain unresolved.
Source
: CIA
Motech Industries
Inc
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Business
Description
|
Motech Industries, Inc. is engaged in the manufacture and distribution
of solar cells. The Company also provides power supply machines, signal
generation machines, communication transmission wire testing machines,
telecommunication line testing machines, asymmetric digital subscriber line
(ADSL) testing machines, solar portable power boxes, solar power converters
and others. The Company also offers consulting, integrating, technical
development and training services of solar power generation systems. During
the year ended December 31, 2011, the Company obtained approximately 95% of
its total revenue from its solar cells business. The Company distributes its
products within the domestic market and to overseas markets, including the
Americas, Europe and rest of Asia. For the three months ended 31 March 2013,
Motech Industries Inc revenues decreased 6% to NT$3.67B. Net loss decreased
35% to NT$635.7M. Revenues reflect Sales Revenue decrease of 9% to NT$3.7B,
Sales Discounts increase from NT$447K to NT$18.7M. Lower net loss reflects
Selling Expense decrease of 10% to NT$94.5M (expense), Gains/Loss on Disposal
of Fixed Assets decrease of 88% to NT$1.1M (expense). |
Industry
|
Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
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NACE Rev 2: |
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NAICS 2012: |
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UK SIC 2007: |
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US SIC 1987: |
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Key Executives
|
Significant
Developments
|
Financial
Summary
|
|
Stock Snapshot
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = TWD 29.57962
2 - Balance Sheet Item Exchange Rate: USD 1 = TWD 29.012
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Motech
Industries Inc The Strategic Initiatives report is created using technology to
extract meaningful insights from analyst reports about a company's strategic projects
and investments. More
about Strategic Initiatives
|
|
Sales and Distribution |
|
|
Derick Botha, vice president of sales and marketing of Motech
Americas, LLC, said, "Motech leverages its 20 years of institutional
experience and intense testing to make sure that Motech modules are reliable
regardless of the environmental conditions. We are pleased to receive this
certificate to assure our customers of our products performance."Sep 05,
2012Eaton And Tangent Energy Collaborate To Build Solar PV Project In Western
PennsylvaniaEaton Corporation and Tangent Energy Solutions, Inc. (Tangent
Energy) announced a collaboration to develop solar energy generation
installations at Eaton’s facilities in Coraopolis and Vanport township,
Pennsylvania. The project will include a 1.3 MW ground mount solar array at
Eaton’s Beaver facility and a 200kW rooftop array in Coraopolis.Solar power
will contribute about 25% of the electricity used by the Vanport facility.
Both arrays will provide Eaton with 1.76 million kWh of clean electricity per
year and will displace 2.7 million pounds of carbon dioxide and other
greenhouse gases per year. |
|
Motech Industries Inc
Total Corporate Family Members: 2
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
New Taipei |
Taiwan |
Semiconductor and Other Electronic Component Manufacturing |
504.2 |
3,893 |
|
|
Branch |
Tainan City |
Taiwan |
Semiconductor and Other Electronic Component Manufacturing |
|
2,852 |
|
Executives Report
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Gross Revenue |
525.9 |
974.8 |
1,240.5 |
577.1 |
730.0 |
|
Sales Returns and Allowances |
-21.7 |
-15.6 |
-4.6 |
-27.5 |
-6.5 |
|
Revenue |
504.2 |
959.2 |
1,235.9 |
549.6 |
723.5 |
|
Total Revenue |
504.2 |
959.2 |
1,235.9 |
549.6 |
723.5 |
|
|
|
|
|
|
|
|
Cost of Revenue |
600.4 |
1,004.5 |
989.1 |
519.2 |
617.7 |
|
Cost of Revenue, Total |
600.4 |
1,004.5 |
989.1 |
519.2 |
617.7 |
|
Gross Profit |
-96.2 |
-45.3 |
246.8 |
30.4 |
105.8 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
48.9 |
31.8 |
60.5 |
20.6 |
18.8 |
|
Total Selling/General/Administrative Expenses |
48.9 |
31.8 |
60.5 |
20.6 |
18.8 |
|
Research & Development |
10.3 |
11.1 |
15.9 |
6.6 |
8.3 |
|
Impairment-Assets Held for Sale |
5.5 |
3.2 |
0.7 |
- |
- |
|
Unusual Expense (Income) |
5.5 |
3.2 |
0.7 |
- |
- |
|
Total Operating Expense |
665.1 |
1,050.6 |
1,066.3 |
546.4 |
644.7 |
|
|
|
|
|
|
|
|
Operating Income |
-160.9 |
-91.5 |
169.6 |
3.1 |
78.8 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-7.4 |
-5.4 |
-3.0 |
-3.4 |
-4.5 |
|
Interest Expense, Net Non-Operating |
-7.4 |
-5.4 |
-3.0 |
-3.4 |
-4.5 |
|
Interest Income -
Non-Operating |
1.8 |
1.7 |
0.9 |
0.3 |
4.1 |
|
Investment Income -
Non-Operating |
-27.3 |
-9.7 |
-8.1 |
0.3 |
-4.5 |
|
Interest/Investment Income - Non-Operating |
-25.5 |
-8.1 |
-7.2 |
0.6 |
-0.5 |
|
Interest Income (Expense) - Net Non-Operating Total |
-32.8 |
-13.5 |
-10.2 |
-2.8 |
-5.0 |
|
Gain (Loss) on Sale of Assets |
-0.5 |
-0.1 |
-0.1 |
0.0 |
0.1 |
|
Other Non-Operating Income (Expense) |
3.1 |
1.6 |
1.5 |
2.8 |
0.7 |
|
Other, Net |
3.1 |
1.6 |
1.5 |
2.8 |
0.7 |
|
Income Before Tax |
-191.1 |
-103.4 |
160.8 |
3.1 |
74.6 |
|
|
|
|
|
|
|
|
Total Income Tax |
-19.6 |
-18.8 |
25.5 |
2.1 |
1.9 |
|
Income After Tax |
-171.5 |
-84.6 |
135.2 |
1.0 |
72.6 |
|
|
|
|
|
|
|
|
Minority Interest |
1.2 |
1.1 |
9.4 |
3.0 |
0.4 |
|
Net Income Before Extraord Items |
-170.3 |
-83.5 |
144.6 |
4.0 |
73.0 |
|
Net Income |
-170.3 |
-83.5 |
144.6 |
4.0 |
73.0 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
-170.3 |
-83.5 |
144.6 |
4.0 |
73.0 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
-170.3 |
-83.5 |
144.6 |
4.0 |
73.0 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
437.4 |
437.4 |
425.8 |
380.0 |
347.5 |
|
Basic EPS Excl Extraord Items |
-0.39 |
-0.19 |
0.34 |
0.01 |
0.21 |
|
Basic/Primary EPS Incl Extraord Items |
-0.39 |
-0.19 |
0.34 |
0.01 |
0.21 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-170.3 |
-83.5 |
144.6 |
4.0 |
73.0 |
|
Diluted Weighted Average Shares |
437.4 |
437.4 |
429.8 |
382.3 |
353.6 |
|
Diluted EPS Excl Extraord Items |
-0.39 |
-0.19 |
0.34 |
0.01 |
0.21 |
|
Diluted EPS Incl Extraord Items |
-0.39 |
-0.19 |
0.34 |
0.01 |
0.21 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.15 |
0.02 |
0.07 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
66.4 |
10.3 |
23.7 |
|
Interest Expense, Supplemental |
7.4 |
5.4 |
3.0 |
3.4 |
4.5 |
|
Depreciation, Supplemental |
78.3 |
72.4 |
50.6 |
35.8 |
23.8 |
|
Total Special Items |
6.0 |
3.3 |
0.9 |
0.0 |
-0.1 |
|
Normalized Income Before Tax |
-185.1 |
-100.1 |
161.6 |
3.1 |
74.5 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
2.1 |
1.1 |
0.1 |
0.0 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
-17.5 |
-17.6 |
25.7 |
2.1 |
1.9 |
|
Normalized Income After Tax |
-167.6 |
-82.5 |
136.0 |
1.0 |
72.6 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-166.4 |
-81.4 |
145.3 |
4.0 |
72.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.38 |
-0.19 |
0.34 |
0.01 |
0.21 |
|
Diluted Normalized EPS |
-0.38 |
-0.19 |
0.34 |
0.01 |
0.21 |
|
Amort of Intangibles, Supplemental |
0.4 |
2.5 |
1.8 |
0.9 |
0.3 |
|
Research & Development Exp, Supplemental |
10.3 |
11.1 |
15.9 |
6.6 |
8.3 |
|
Normalized EBIT |
-155.4 |
-88.3 |
170.3 |
3.1 |
78.8 |
|
Normalized EBITDA |
-76.7 |
-13.4 |
222.7 |
39.8 |
102.8 |
|
Current Tax - Total |
-1.0 |
-0.7 |
19.0 |
2.8 |
5.3 |
|
Current Tax - Total |
-1.0 |
-0.7 |
19.0 |
2.8 |
5.3 |
|
Deferred Tax - Total |
20.7 |
19.5 |
6.5 |
-0.8 |
-3.3 |
|
Deferred Tax - Total |
20.7 |
19.5 |
6.5 |
-0.8 |
-3.3 |
|
Income Tax - Total |
19.6 |
18.8 |
25.5 |
2.1 |
1.9 |
|
Interest Cost - Domestic |
0.0 |
0.1 |
0.0 |
0.0 |
0.1 |
|
Service Cost - Domestic |
0.0 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Actuarial Gains and Losses - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Curtailments & Settlements - Domestic |
- |
-0.7 |
- |
- |
- |
|
Transition Costs - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Domestic Pension Plan Expense |
0.1 |
-0.5 |
0.1 |
0.1 |
0.2 |
|
Defined Contribution Expense - Domestic |
3.0 |
3.2 |
1.9 |
1.2 |
0.9 |
|
Total Pension Expense |
3.1 |
2.7 |
2.1 |
1.3 |
1.1 |
|
Discount Rate - Domestic |
1.75% |
2.00% |
1.75% |
2.25% |
2.50% |
|
Expected Rate of Return - Domestic |
1.75% |
2.00% |
1.75% |
2.25% |
2.50% |
|
Compensation Rate - Domestic |
3.00% |
3.00% |
3.00% |
3.00% |
3.00% |
|
Total Plan Interest Cost |
0.0 |
0.1 |
0.0 |
0.0 |
0.1 |
|
Total Plan Service Cost |
0.0 |
0.1 |
0.1 |
0.1 |
0.1 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
29.011999 |
30.279 |
29.1565 |
31.985 |
32.818 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
271.4 |
325.5 |
300.9 |
118.0 |
126.8 |
|
Short Term Investments |
8.3 |
19.6 |
130.4 |
19.0 |
51.5 |
|
Cash and Short Term Investments |
279.7 |
345.1 |
431.3 |
137.0 |
178.3 |
|
Accounts Receivable -
Trade, Gross |
- |
- |
125.3 |
83.3 |
44.8 |
|
Provision for Doubtful
Accounts |
-18.1 |
-1.5 |
-2.5 |
-0.4 |
-0.1 |
|
Trade Accounts Receivable - Net |
83.7 |
85.0 |
122.8 |
82.9 |
44.7 |
|
Notes Receivable - Short Term |
19.4 |
27.1 |
- |
- |
- |
|
Other Receivables |
0.0 |
0.1 |
5.2 |
- |
- |
|
Total Receivables, Net |
103.2 |
112.2 |
128.0 |
82.9 |
44.7 |
|
Inventories - Finished Goods |
26.6 |
20.0 |
21.5 |
28.9 |
45.1 |
|
Inventories - Work In Progress |
6.7 |
11.0 |
34.1 |
20.4 |
39.3 |
|
Inventories - Raw Materials |
22.5 |
34.4 |
43.8 |
30.0 |
21.2 |
|
Inventories - Other |
- |
- |
- |
0.0 |
-5.9 |
|
Total Inventory |
55.8 |
65.4 |
99.4 |
79.3 |
99.7 |
|
Prepaid Expenses |
25.1 |
22.1 |
32.1 |
30.9 |
17.0 |
|
Restricted Cash - Current |
9.6 |
0.9 |
1.3 |
3.5 |
- |
|
Deferred Income Tax - Current Asset |
5.0 |
5.0 |
5.2 |
2.9 |
2.1 |
|
Other Current Assets, Total |
14.6 |
5.9 |
6.5 |
6.4 |
2.1 |
|
Total Current Assets |
478.4 |
550.7 |
697.3 |
336.5 |
341.8 |
|
|
|
|
|
|
|
|
Buildings |
96.4 |
89.3 |
59.4 |
46.1 |
36.6 |
|
Land/Improvements |
4.1 |
4.1 |
4.2 |
6.4 |
0.8 |
|
Machinery/Equipment |
541.6 |
512.2 |
333.1 |
210.3 |
148.1 |
|
Construction in
Progress |
6.5 |
11.9 |
60.0 |
124.8 |
16.6 |
|
Other
Property/Plant/Equipment |
0.5 |
0.5 |
0.5 |
- |
- |
|
Property/Plant/Equipment - Gross |
649.1 |
618.0 |
457.2 |
387.6 |
202.1 |
|
Accumulated Depreciation |
-296.7 |
-212.3 |
-147.4 |
-87.6 |
-50.0 |
|
Property/Plant/Equipment - Net |
352.5 |
405.7 |
309.8 |
300.0 |
152.0 |
|
Intangibles, Net |
6.0 |
6.1 |
5.4 |
2.7 |
1.9 |
|
LT Investment - Affiliate Companies |
0.0 |
28.1 |
43.5 |
0.0 |
11.9 |
|
LT Investments - Other |
0.0 |
4.5 |
0.0 |
0.7 |
0.7 |
|
Long Term Investments |
0.0 |
32.6 |
43.5 |
0.7 |
12.6 |
|
Deferred Charges |
- |
0.0 |
4.3 |
2.2 |
1.7 |
|
Pension Benefits - Overfunded |
- |
0.0 |
0.1 |
0.0 |
0.0 |
|
Deferred Income Tax - Long Term Asset |
38.8 |
16.9 |
3.0 |
6.9 |
6.0 |
|
Restricted Cash - Long Term |
0.0 |
0.0 |
43.8 |
40.4 |
48.5 |
|
Other Long Term Assets |
72.8 |
107.4 |
114.3 |
81.1 |
99.8 |
|
Other Long Term Assets, Total |
111.5 |
124.3 |
165.5 |
130.6 |
156.0 |
|
Total Assets |
948.4 |
1,119.4 |
1,221.6 |
770.5 |
664.4 |
|
|
|
|
|
|
|
|
Accounts Payable |
88.1 |
39.7 |
70.5 |
62.6 |
29.9 |
|
Accrued Expenses |
32.0 |
55.5 |
93.3 |
39.0 |
32.6 |
|
Notes Payable/Short Term Debt |
67.8 |
87.5 |
63.2 |
43.5 |
28.7 |
|
Current Portion - Long Term Debt/Capital Leases |
0.0 |
299.1 |
52.5 |
1.8 |
1.3 |
|
Total Current Liabilities |
187.9 |
481.8 |
279.6 |
146.8 |
92.5 |
|
|
|
|
|
|
|
|
Long Term Debt |
274.4 |
0.0 |
131.9 |
171.9 |
142.0 |
|
Total Long Term Debt |
274.4 |
0.0 |
131.9 |
171.9 |
142.0 |
|
Total Debt |
342.2 |
386.6 |
247.6 |
217.1 |
172.1 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
- |
0.0 |
3.1 |
- |
- |
|
Deferred Income Tax |
- |
0.0 |
3.1 |
- |
- |
|
Minority Interest |
3.3 |
4.4 |
3.2 |
42.1 |
1.7 |
|
Pension Benefits - Underfunded |
- |
0.0 |
0.1 |
0.2 |
0.5 |
|
Other Long Term Liabilities |
6.9 |
6.3 |
6.6 |
9.7 |
5.7 |
|
Other Liabilities, Total |
6.9 |
6.3 |
6.7 |
10.0 |
6.2 |
|
Total Liabilities |
472.5 |
492.4 |
424.5 |
370.9 |
242.4 |
|
|
|
|
|
|
|
|
Common Stock |
150.8 |
144.5 |
130.5 |
94.2 |
76.0 |
|
Common Stock |
150.8 |
144.5 |
130.5 |
94.2 |
76.0 |
|
Additional Paid-In Capital |
490.5 |
469.7 |
485.9 |
264.0 |
253.9 |
|
Retained Earnings (Accumulated Deficit) |
-157.7 |
15.3 |
191.4 |
43.9 |
90.8 |
|
Unrealized Gain (Loss) |
-0.3 |
0.3 |
0.6 |
0.2 |
0.4 |
|
Translation Adjustment |
-7.5 |
-2.7 |
-11.3 |
-2.6 |
0.9 |
|
Minimum Pension Liability Adjustment |
- |
- |
- |
- |
0.0 |
|
Other Equity, Total |
-7.5 |
-2.7 |
-11.3 |
-2.6 |
0.9 |
|
Total Equity |
475.9 |
627.0 |
797.1 |
399.6 |
421.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
948.4 |
1,119.4 |
1,221.6 |
770.5 |
664.4 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
437.4 |
437.4 |
437.4 |
349.8 |
347.7 |
|
Total Common Shares Outstanding |
437.4 |
437.4 |
437.4 |
349.8 |
347.7 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
3,893 |
4,152 |
4,309 |
2,244 |
1,570 |
|
Number of Common Shareholders |
51,303 |
51,547 |
39,563 |
35,233 |
29,152 |
|
Total Long Term Debt, Supplemental |
275.6 |
- |
184.4 |
151.7 |
143.4 |
|
Long Term Debt Maturing within 1 Year |
24.8 |
- |
52.5 |
1.4 |
1.3 |
|
Long Term Debt Maturing in Year 2 |
24.8 |
- |
65.9 |
40.9 |
1.3 |
|
Long Term Debt Maturing in Year 3 |
68.2 |
- |
65.9 |
55.4 |
40.0 |
|
Long Term Debt Maturing in Year 4 |
157.8 |
- |
- |
54.1 |
51.0 |
|
Long Term Debt Maturing in Year 5 |
- |
- |
- |
- |
49.8 |
|
Long Term Debt Maturing in 2-3 Years |
93.1 |
- |
131.9 |
96.2 |
41.3 |
|
Long Term Debt Maturing in 4-5 Years |
157.8 |
- |
- |
54.1 |
100.8 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
Total Capital Leases, Supplemental |
0.2 |
0.3 |
0.4 |
- |
- |
|
Capital Lease Payments Due in Year 1 |
0.1 |
0.1 |
0.1 |
- |
- |
|
Capital Lease Payments Due in Year 2 |
0.1 |
0.1 |
0.1 |
- |
- |
|
Capital Lease Payments Due in Year 3 |
0.0 |
0.1 |
0.1 |
- |
- |
|
Capital Lease Payments Due in Year 4 |
0.0 |
0.0 |
0.1 |
- |
- |
|
Capital Lease Payments Due in Year 5 |
- |
0.0 |
0.0 |
- |
- |
|
Capital Lease Payments Due in 2-3 Years |
0.1 |
0.2 |
0.2 |
- |
- |
|
Capital Lease Payments Due in 4-5 Years |
0.0 |
0.0 |
0.1 |
- |
- |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
0.0 |
- |
- |
- |
- |
|
Total Operating Leases, Supplemental |
11.8 |
11.7 |
13.4 |
4.2 |
3.6 |
|
Operating Lease Payments Due in Year 1 |
1.6 |
1.1 |
1.4 |
0.5 |
0.4 |
|
Operating Lease Payments Due in Year 2 |
1.0 |
1.0 |
1.1 |
0.5 |
0.3 |
|
Operating Lease Payments Due in Year 3 |
0.8 |
0.8 |
1.1 |
0.4 |
0.3 |
|
Operating Lease Payments Due in Year 4 |
0.8 |
0.8 |
0.8 |
0.4 |
0.3 |
|
Operating Lease Payments Due in Year 5 |
0.8 |
0.8 |
0.8 |
0.4 |
0.3 |
|
Operating Lease Pymts. Due in 2-3 Years |
1.9 |
1.8 |
2.1 |
0.8 |
0.6 |
|
Operating Lease Pymts. Due in 4-5 Years |
1.7 |
1.6 |
1.7 |
0.7 |
0.6 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
6.7 |
7.2 |
8.3 |
2.2 |
2.0 |
|
Pension Obligation - Domestic |
2.4 |
1.9 |
3.2 |
2.2 |
1.9 |
|
Plan Assets - Domestic |
2.0 |
1.9 |
1.8 |
1.3 |
0.9 |
|
Funded Status - Domestic |
-0.4 |
-0.1 |
-1.4 |
-0.8 |
-0.9 |
|
Accumulated Obligation - Domestic |
-1.4 |
1.1 |
2.6 |
1.8 |
1.3 |
|
Total Funded Status |
-0.4 |
-0.1 |
-1.4 |
-0.8 |
-0.9 |
|
Discount Rate - Domestic |
1.75% |
2.00% |
1.75% |
2.25% |
2.50% |
|
Expected Rate of Return - Domestic |
1.75% |
2.00% |
1.75% |
2.25% |
2.50% |
|
Compensation Rate - Domestic |
3.00% |
3.00% |
3.00% |
3.00% |
3.00% |
|
Prepaid Benefits - Domestic |
- |
- |
0.1 |
- |
0.0 |
|
Accrued Liabilities - Domestic |
- |
- |
-0.1 |
-0.2 |
-0.5 |
|
Net Assets Recognized on Balance Sheet |
- |
- |
0.0 |
-0.2 |
-0.5 |
|
Total Plan Obligations |
2.4 |
1.9 |
3.2 |
2.2 |
1.9 |
|
Total Plan Assets |
2.0 |
1.9 |
1.8 |
1.3 |
0.9 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
-171.5 |
-84.6 |
135.2 |
1.0 |
72.6 |
|
Depreciation |
78.3 |
72.7 |
50.6 |
35.8 |
23.8 |
|
Depreciation/Depletion |
78.3 |
72.7 |
50.6 |
35.8 |
23.8 |
|
Amortization of Intangibles |
0.4 |
2.5 |
1.8 |
0.9 |
0.3 |
|
Amortization |
0.4 |
2.5 |
1.8 |
0.9 |
0.3 |
|
Deferred Taxes |
-20.7 |
-19.5 |
6.5 |
-0.8 |
-3.3 |
|
Unusual Items |
5.5 |
2.1 |
0.8 |
-0.2 |
-0.1 |
|
Equity in Net Earnings (Loss) |
28.2 |
12.6 |
0.6 |
0.7 |
0.7 |
|
Other Non-Cash Items |
-9.6 |
4.8 |
-0.1 |
0.2 |
-0.4 |
|
Non-Cash Items |
24.1 |
19.6 |
1.2 |
0.6 |
0.2 |
|
Accounts Receivable |
11.4 |
9.2 |
-30.5 |
-36.0 |
-10.9 |
|
Inventories |
11.1 |
32.5 |
-13.1 |
22.4 |
-9.6 |
|
Prepaid Expenses |
34.8 |
17.0 |
-4.2 |
5.5 |
-26.5 |
|
Other Assets |
-1.0 |
0.7 |
-1.4 |
8.5 |
-5.6 |
|
Accounts Payable |
46.5 |
-30.1 |
10.5 |
25.8 |
12.7 |
|
Accrued Expenses |
-9.8 |
-37.0 |
41.0 |
-10.3 |
16.4 |
|
Other Liabilities |
1.2 |
-2.3 |
1.0 |
1.5 |
-0.1 |
|
Changes in Working Capital |
94.2 |
-10.0 |
3.3 |
17.4 |
-23.5 |
|
Cash from Operating Activities |
5.0 |
-19.4 |
198.7 |
54.9 |
70.0 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-26.0 |
-174.4 |
-150.0 |
-120.8 |
-81.8 |
|
Purchase/Acquisition of Intangibles |
-0.2 |
0.0 |
-3.2 |
0.0 |
-1.1 |
|
Capital Expenditures |
-26.2 |
-174.4 |
-153.1 |
-120.8 |
-82.9 |
|
Sale of Fixed Assets |
0.2 |
0.3 |
0.0 |
0.2 |
0.1 |
|
Sale/Maturity of Investment |
60.9 |
108.3 |
5.7 |
26.3 |
15.9 |
|
Purchase of Investments |
-48.7 |
-4.6 |
-105.4 |
-1.9 |
-71.5 |
|
Other Investing Cash Flow |
1.3 |
45.2 |
-7.5 |
15.8 |
-4.1 |
|
Other Investing Cash Flow Items, Total |
13.7 |
149.1 |
-107.2 |
40.4 |
-59.6 |
|
Cash from Investing Activities |
-12.5 |
-25.3 |
-260.3 |
-80.5 |
-142.5 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-2.3 |
2.5 |
0.3 |
2.5 |
-4.2 |
|
Financing Cash Flow Items |
-2.3 |
2.5 |
0.3 |
2.5 |
-4.2 |
|
Cash Dividends Paid - Common |
0.0 |
-71.2 |
-10.8 |
-22.7 |
-45.7 |
|
Total Cash Dividends Paid |
0.0 |
-71.2 |
-10.8 |
-22.7 |
-45.7 |
|
Sale/Issuance of
Common |
0.0 |
0.0 |
197.8 |
- |
0.0 |
|
Common Stock, Net |
0.0 |
0.0 |
197.8 |
- |
0.0 |
|
Options Exercised |
0.0 |
0.0 |
0.0 |
0.1 |
0.2 |
|
Issuance (Retirement) of Stock, Net |
0.0 |
0.0 |
197.8 |
0.1 |
0.2 |
|
Short Term Debt Issued |
- |
24.5 |
17.3 |
14.0 |
26.3 |
|
Short Term Debt
Reduction |
-20.3 |
- |
- |
- |
- |
|
Short Term Debt, Net |
-20.3 |
24.5 |
17.3 |
14.0 |
26.3 |
|
Long Term Debt Issued |
240.7 |
417.9 |
58.7 |
32.6 |
146.4 |
|
Long Term Debt
Reduction |
-277.1 |
-295.7 |
-40.8 |
-11.8 |
-88.4 |
|
Long Term Debt, Net |
-36.4 |
122.2 |
17.9 |
20.8 |
58.0 |
|
Issuance (Retirement) of Debt, Net |
-56.7 |
146.7 |
35.3 |
34.8 |
84.3 |
|
Cash from Financing Activities |
-59.0 |
78.0 |
222.7 |
14.8 |
34.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.0 |
3.6 |
-2.3 |
-0.9 |
0.0 |
|
Net Change in Cash |
-66.7 |
36.8 |
158.8 |
-11.7 |
-37.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
332.9 |
298.5 |
119.8 |
126.0 |
169.8 |
|
Net Cash - Ending Balance |
266.2 |
335.3 |
278.6 |
114.3 |
131.9 |
|
Cash Interest Paid |
7.0 |
6.6 |
2.6 |
3.7 |
4.4 |
|
Cash Taxes Paid |
1.0 |
18.8 |
3.8 |
5.7 |
2.8 |
Annual Income Statement
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Sales Revenue |
525.9 |
974.8 |
1,240.5 |
577.1 |
730.0 |
|
Refunds from Sales |
-19.7 |
-12.7 |
-4.4 |
-25.0 |
-5.8 |
|
Sales Discounts |
-2.0 |
-2.8 |
-0.2 |
-2.5 |
-0.8 |
|
Total Revenue |
504.2 |
959.2 |
1,235.9 |
549.6 |
723.5 |
|
|
|
|
|
|
|
|
Cost of Sales |
600.4 |
1,004.5 |
989.1 |
519.2 |
617.7 |
|
Selling Expense |
14.2 |
11.7 |
15.5 |
5.2 |
6.0 |
|
General & Administrative Expense |
34.8 |
20.2 |
45.0 |
15.4 |
12.8 |
|
Research and Development Expenses |
10.3 |
11.1 |
15.9 |
6.6 |
8.3 |
|
Impairment Loss of Financial Assets |
5.5 |
3.2 |
0.7 |
- |
- |
|
Total Operating Expense |
665.1 |
1,050.6 |
1,066.3 |
546.4 |
644.7 |
|
|
|
|
|
|
|
|
Gains on Disposal of Fixed Assets |
0.1 |
0.2 |
0.0 |
- |
0.1 |
|
Interest Income |
1.8 |
1.7 |
0.9 |
0.3 |
4.1 |
|
Gain/Loss on Disposal of Investment |
0.5 |
1.1 |
0.1 |
0.2 |
0.2 |
|
Foreign Exchange Gains |
0.0 |
3.4 |
0.0 |
0.6 |
- |
|
Revaluation Gain on Financial Assets |
0.8 |
0.0 |
5.4 |
0.1 |
-0.6 |
|
Miscellaneous Income |
3.4 |
2.8 |
2.2 |
3.0 |
1.1 |
|
Interest Expense |
-7.4 |
-5.4 |
-3.0 |
-3.4 |
-4.5 |
|
Loss on Equity Investment |
-28.2 |
-12.6 |
-0.6 |
-0.7 |
-0.7 |
|
Loss on Sale of Fixed Assets |
-0.6 |
-0.3 |
-0.1 |
0.0 |
- |
|
Foreign Exchange Losses |
-0.4 |
0.0 |
-13.0 |
0.0 |
-3.9 |
|
Revaluation Loss on Financial Assets |
0.0 |
-1.6 |
- |
0.0 |
- |
|
Gain/Loss on Finan. Liabilities Revalu. |
- |
- |
- |
- |
0.4 |
|
Miscellaneous Expense |
-0.2 |
-1.2 |
-0.6 |
-0.2 |
-0.4 |
|
Net Income Before Taxes |
-191.1 |
-103.4 |
160.8 |
3.1 |
74.6 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
-19.6 |
-18.8 |
25.5 |
2.1 |
1.9 |
|
Net Income After Taxes |
-171.5 |
-84.6 |
135.2 |
1.0 |
72.6 |
|
|
|
|
|
|
|
|
Minority Interest |
1.2 |
1.1 |
9.4 |
3.0 |
0.4 |
|
Net Income Before Extra. Items |
-170.3 |
-83.5 |
144.6 |
4.0 |
73.0 |
|
Net Income |
-170.3 |
-83.5 |
144.6 |
4.0 |
73.0 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
-170.3 |
-83.5 |
144.6 |
4.0 |
73.0 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-170.3 |
-83.5 |
144.6 |
4.0 |
73.0 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
437.4 |
437.4 |
425.8 |
380.0 |
347.5 |
|
Basic EPS Excluding ExtraOrdinary Items |
-0.39 |
-0.19 |
0.34 |
0.01 |
0.21 |
|
Basic EPS Including ExtraOrdinary Items |
-0.39 |
-0.19 |
0.34 |
0.01 |
0.21 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-170.3 |
-83.5 |
144.6 |
4.0 |
73.0 |
|
Diluted Weighted Average Shares |
437.4 |
437.4 |
429.8 |
382.3 |
353.6 |
|
Diluted EPS Excluding ExtraOrd Items |
-0.39 |
-0.19 |
0.34 |
0.01 |
0.21 |
|
Diluted EPS Including ExtraOrd Items |
-0.39 |
-0.19 |
0.34 |
0.01 |
0.21 |
|
DPS-Ordinary Shares |
0.00 |
0.00 |
0.15 |
0.02 |
0.07 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
66.4 |
10.3 |
23.7 |
|
Normalized Income Before Taxes |
-185.1 |
-100.1 |
161.6 |
3.1 |
74.5 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
-17.5 |
-17.6 |
25.7 |
2.1 |
1.9 |
|
Normalized Income After Taxes |
-167.6 |
-82.5 |
136.0 |
1.0 |
72.6 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-166.4 |
-81.4 |
145.3 |
4.0 |
72.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.38 |
-0.19 |
0.34 |
0.01 |
0.21 |
|
Diluted Normalized EPS |
-0.38 |
-0.19 |
0.34 |
0.01 |
0.21 |
|
R&D Expense, Supplemental |
10.3 |
11.1 |
15.9 |
6.6 |
8.3 |
|
Interest Expense |
7.4 |
5.4 |
3.0 |
3.4 |
4.5 |
|
Depreciation - Operating Cost |
75.2 |
70.0 |
48.0 |
33.1 |
23.1 |
|
Depreciation - Operating Expense |
3.2 |
2.4 |
2.6 |
2.7 |
0.7 |
|
Amortization - Operating Cost |
0.0 |
1.8 |
1.1 |
0.5 |
0.1 |
|
Amortization - Operating Expense |
0.4 |
0.7 |
0.7 |
0.4 |
0.2 |
|
Current Tax Payable |
-1.0 |
-0.7 |
19.0 |
2.8 |
5.3 |
|
Current Tax - Total |
-1.0 |
-0.7 |
19.0 |
2.8 |
5.3 |
|
Deferred Tax |
20.7 |
19.5 |
6.5 |
-0.8 |
-3.3 |
|
Deferred Tax - Total |
20.7 |
19.5 |
6.5 |
-0.8 |
-3.3 |
|
Income Tax - Total |
19.6 |
18.8 |
25.5 |
2.1 |
1.9 |
|
Service Cost |
0.0 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Interest Cost |
0.0 |
0.1 |
0.0 |
0.0 |
0.1 |
|
Actuarial Return on Plan Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Amort. Transitional Benefit Obligation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Curtailments & Settlements - Domestic |
- |
-0.7 |
- |
- |
- |
|
Domestic Pension Plan Expense |
0.1 |
-0.5 |
0.1 |
0.1 |
0.2 |
|
Defined Contribution Expense - Domestic |
3.0 |
3.2 |
1.9 |
1.2 |
0.9 |
|
Total Pension Expense |
3.1 |
2.7 |
2.1 |
1.3 |
1.1 |
|
Discount Rate |
1.75% |
2.00% |
1.75% |
2.25% |
2.50% |
|
Rate of Compensation Increase |
3.00% |
3.00% |
3.00% |
3.00% |
3.00% |
|
Expected Rate of Return on Plan Assets |
1.75% |
2.00% |
1.75% |
2.25% |
2.50% |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
29.011999 |
30.279 |
29.1565 |
31.985 |
32.818 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Cash Equivalents |
271.4 |
325.5 |
300.9 |
118.0 |
126.8 |
|
Financial Assets at Fair Value |
0.0 |
0.1 |
1.4 |
0.0 |
8.4 |
|
Financial Asset Available for Sale |
7.1 |
19.4 |
128.9 |
19.0 |
42.9 |
|
Other Current Financial Assets |
1.2 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Notes Receivable |
19.4 |
27.1 |
- |
- |
- |
|
Notes and Accounts Receivable |
- |
- |
125.3 |
83.3 |
44.8 |
|
Accounts Receivable-Gross |
101.8 |
86.5 |
- |
- |
- |
|
Provision for Doubful Accounts |
-18.1 |
-1.5 |
-2.5 |
-0.4 |
-0.1 |
|
Other Receivables - Related Parties |
0.0 |
0.1 |
5.2 |
- |
- |
|
Goods for Sale |
3.0 |
2.0 |
0.3 |
2.4 |
0.4 |
|
Finished Goods |
23.6 |
18.0 |
21.2 |
26.5 |
44.7 |
|
Work-in-Progress |
6.7 |
11.0 |
34.1 |
20.4 |
39.3 |
|
Raw Materials |
20.2 |
31.6 |
42.1 |
29.5 |
19.5 |
|
Materials in Transit |
2.3 |
2.8 |
1.7 |
0.6 |
1.7 |
|
Provision for Inventory |
- |
- |
- |
0.0 |
-5.9 |
|
Prepayment & Other Current Assets |
25.1 |
22.1 |
32.1 |
30.9 |
17.0 |
|
Deferred Tax Asset - Current Portion |
5.0 |
5.0 |
5.2 |
2.9 |
2.1 |
|
Restricted Assets,Current |
9.6 |
0.9 |
1.3 |
3.5 |
- |
|
Total Current Assets |
478.4 |
550.7 |
697.3 |
336.5 |
341.8 |
|
|
|
|
|
|
|
|
Long Term Equity Investment |
0.0 |
28.1 |
43.5 |
0.0 |
11.9 |
|
Financial Assets at Cost |
0.0 |
4.5 |
0.0 |
0.7 |
0.7 |
|
Land |
4.1 |
4.1 |
4.2 |
6.4 |
0.8 |
|
Building & Structures |
96.4 |
89.3 |
59.4 |
46.1 |
36.6 |
|
Machinery & Equipment |
456.3 |
435.3 |
288.6 |
183.0 |
126.2 |
|
Transportation Equipment |
0.8 |
0.8 |
0.5 |
0.5 |
0.4 |
|
Office Equipment |
6.3 |
5.3 |
3.1 |
2.0 |
1.2 |
|
Leased Assets |
0.5 |
0.5 |
0.5 |
- |
- |
|
Other Equipment |
78.3 |
70.9 |
40.8 |
24.9 |
20.3 |
|
Accumulated Depreciation |
-296.7 |
-212.3 |
-147.4 |
-87.6 |
-50.0 |
|
Prepaid Construction Funds |
6.5 |
11.9 |
60.0 |
124.8 |
16.6 |
|
Deferred Pension Cost |
- |
0.0 |
0.1 |
0.0 |
0.0 |
|
Security Deposit Paid |
2.6 |
4.0 |
3.1 |
2.0 |
2.2 |
|
Deferred Charges |
- |
0.0 |
4.3 |
2.2 |
1.7 |
|
Deferred Tax Asset |
38.8 |
16.9 |
3.0 |
6.9 |
6.0 |
|
Restricted Assets |
0.0 |
0.0 |
43.8 |
40.4 |
48.5 |
|
Other Assets - Other |
70.2 |
103.4 |
111.2 |
79.1 |
97.7 |
|
Intangible Assets |
6.0 |
6.1 |
5.4 |
- |
- |
|
Special Skills |
- |
- |
- |
0.6 |
- |
|
Patents |
- |
- |
- |
0.2 |
- |
|
Trademarks |
- |
- |
- |
0.0 |
- |
|
Land Use Right |
- |
- |
- |
1.8 |
1.9 |
|
Total Assets |
948.4 |
1,119.4 |
1,221.6 |
770.5 |
664.4 |
|
|
|
|
|
|
|
|
Financial Liabilities at Fair Value |
- |
- |
- |
- |
0.0 |
|
Short Term Borrowings |
67.8 |
87.5 |
63.2 |
43.5 |
28.7 |
|
Financial Liabilities-Fair Value,Current |
0.0 |
0.0 |
- |
- |
- |
|
Accounts & Notes Payable |
88.1 |
39.7 |
70.5 |
62.6 |
29.9 |
|
Accrued Expense and Other Current Liab. |
32.0 |
55.5 |
93.3 |
39.0 |
32.6 |
|
Current Portion of Long Term Notes |
- |
- |
0.0 |
0.4 |
- |
|
Current Portion of Long Term Debt |
0.0 |
299.1 |
52.5 |
1.4 |
1.3 |
|
Total Current Liabilities |
187.9 |
481.8 |
279.6 |
146.8 |
92.5 |
|
|
|
|
|
|
|
|
Long Term Borrowings(less Curr. Portion) |
274.4 |
0.0 |
131.9 |
150.4 |
142.0 |
|
Long Term Notes(less Curr. Portion) |
- |
- |
0.0 |
21.5 |
- |
|
Total Long Term Debt |
274.4 |
0.0 |
131.9 |
171.9 |
142.0 |
|
|
|
|
|
|
|
|
Accrued Pension Liabilities |
- |
0.0 |
0.1 |
0.2 |
0.5 |
|
Deferred Income Tax Liabilities |
- |
0.0 |
3.1 |
- |
- |
|
Other Long Term Liabilities |
6.9 |
6.3 |
6.6 |
9.7 |
5.7 |
|
Minority Interest |
3.3 |
4.4 |
3.2 |
42.1 |
1.7 |
|
Total Liabilities |
472.5 |
492.4 |
424.5 |
370.9 |
242.4 |
|
|
|
|
|
|
|
|
Capital Stock |
150.8 |
144.5 |
130.5 |
94.2 |
76.0 |
|
Capital Surplus, Additional Paid in Capi |
490.5 |
469.7 |
485.9 |
264.0 |
253.9 |
|
Legal Reserve |
5.2 |
45.5 |
31.6 |
28.4 |
20.7 |
|
Special Reserve |
10.7 |
10.3 |
2.6 |
- |
0.0 |
|
Retained Earnings |
-173.6 |
-40.5 |
157.2 |
15.5 |
70.1 |
|
Cumulative Translation Adjustment |
-7.5 |
-2.7 |
-11.3 |
-2.6 |
0.9 |
|
Unrealized Gain/Loss on Pension Fund |
- |
- |
- |
- |
0.0 |
|
Unreal. G/L on Financial Assets for Sale |
0.1 |
0.3 |
0.6 |
0.2 |
0.4 |
|
Other-Employee Not Earned Reward |
-0.3 |
- |
- |
- |
- |
|
Total Equity |
475.9 |
627.0 |
797.1 |
399.6 |
421.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
948.4 |
1,119.4 |
1,221.6 |
770.5 |
664.4 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
437.4 |
437.4 |
437.4 |
349.8 |
347.7 |
|
Total Common Shares Outstanding |
437.4 |
437.4 |
437.4 |
349.8 |
347.7 |
|
T/S-Ordinary Shares |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Full-Time Employees |
3,893 |
4,152 |
4,309 |
2,244 |
1,570 |
|
Number of Common Shareholders |
51,303 |
51,547 |
39,563 |
35,233 |
29,152 |
|
Long Term Debt Maturing within 1 year |
- |
- |
52.5 |
1.4 |
1.3 |
|
Long Term Debt Maturing within 2 years |
49.6 |
- |
65.9 |
40.9 |
1.3 |
|
Long Term Debt Maturing within 3 years |
68.2 |
- |
65.9 |
55.4 |
40.0 |
|
Long Term Debt Maturing within 4 years |
157.8 |
- |
- |
54.1 |
51.0 |
|
Long Term Debt Maturing within 5 years |
- |
- |
- |
- |
49.8 |
|
Total Long Term Debt, Supplemental |
275.6 |
- |
184.4 |
151.7 |
143.4 |
|
Capital Lease Payments Due within 1 Year |
0.1 |
0.1 |
0.1 |
- |
- |
|
Capital Lease Payments Due in Year 2 |
0.1 |
0.1 |
0.1 |
- |
- |
|
Capital Lease Payments Due in Year 3 |
0.0 |
0.1 |
0.1 |
- |
- |
|
Capital Lease Payments Due in Year 4 |
0.0 |
0.0 |
0.1 |
- |
- |
|
Capital Lease Payments Due in Year 5 |
- |
0.0 |
0.0 |
- |
- |
|
Capital Leases - Remaining Maturities |
0.0 |
- |
- |
- |
- |
|
Total Capital Leases, Supplemental |
0.2 |
0.3 |
0.4 |
- |
- |
|
Operating Lease Maturing within1 year |
1.6 |
1.1 |
1.4 |
0.5 |
0.4 |
|
Operating Lease Maturing within 2 years |
1.0 |
1.0 |
1.1 |
0.5 |
0.3 |
|
Operating Lease Maturing within 3 years |
0.8 |
0.8 |
1.1 |
0.4 |
0.3 |
|
Operating Lease Maturing within 4 years |
0.8 |
0.8 |
0.8 |
0.4 |
0.3 |
|
Operating Lease Maturing within 5 years |
0.8 |
0.8 |
0.8 |
0.4 |
0.3 |
|
Operating Lease Maturing after 5 years |
6.7 |
7.2 |
8.3 |
2.2 |
2.0 |
|
Total Operating Leases, Supplemental |
11.8 |
11.7 |
13.4 |
4.2 |
3.6 |
|
Benefit Obligation |
2.4 |
1.9 |
3.2 |
2.2 |
1.9 |
|
Fair Value of Plan Assets |
2.0 |
1.9 |
1.8 |
1.3 |
0.9 |
|
Funded Status |
-0.4 |
-0.1 |
-1.4 |
-0.8 |
-0.9 |
|
Accumulated Benefit Obligation |
-1.4 |
1.1 |
2.6 |
1.8 |
1.3 |
|
Total Funded Status |
-0.4 |
-0.1 |
-1.4 |
-0.8 |
-0.9 |
|
Discount Rate |
1.75% |
2.00% |
1.75% |
2.25% |
2.50% |
|
Rate of Compensation Increase |
3.00% |
3.00% |
3.00% |
3.00% |
3.00% |
|
Expected Rate of Return on Plan Assets |
1.75% |
2.00% |
1.75% |
2.25% |
2.50% |
|
Deferred Pension Cost |
- |
- |
0.1 |
- |
0.0 |
|
Accrued Pension Liabilities |
- |
- |
-0.1 |
-0.2 |
-0.5 |
|
Net Assets Recognized on Balance Sheet |
- |
- |
0.0 |
-0.2 |
-0.5 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income |
-171.5 |
-84.6 |
135.2 |
1.0 |
72.6 |
|
Depreciation |
78.3 |
72.7 |
50.6 |
35.8 |
23.8 |
|
Amortization |
0.4 |
2.5 |
1.8 |
0.9 |
0.3 |
|
Various Provisions Trf. Interest Expense |
- |
0.4 |
0.2 |
0.1 |
0.3 |
|
Employee Cost |
-0.1 |
1.2 |
1.7 |
0.2 |
- |
|
Equity Investment Losses |
28.2 |
12.6 |
0.6 |
0.7 |
0.7 |
|
Gain/Loss on Disposal of Fixed Assets |
0.5 |
0.1 |
0.1 |
0.0 |
-0.1 |
|
Other Expense-Fixed Assets |
0.0 |
1.4 |
0.1 |
0.0 |
- |
|
Operating Expense - Fixed Assets |
- |
- |
- |
- |
0.0 |
|
Fixed Assets Reclassification Cost |
- |
- |
- |
- |
0.1 |
|
Gain on Sale of Investments |
-0.5 |
-1.1 |
-0.1 |
-0.2 |
-0.2 |
|
Impairment Loss on Financial Assets |
5.5 |
3.2 |
0.7 |
- |
- |
|
Deferred Tax Expense (Gain) |
-20.7 |
-19.5 |
6.5 |
-0.8 |
-3.3 |
|
Amort. of LT Borrowing Issuance Cost |
0.4 |
0.4 |
- |
- |
- |
|
Foreign Exchange of LT Debt |
-1.3 |
1.5 |
-2.6 |
-0.2 |
-0.1 |
|
For. Exc. Other Receivables-Related Par. |
- |
-0.5 |
0.5 |
0.0 |
- |
|
Financial Assets at Fair Value - Current |
0.1 |
1.3 |
-1.3 |
8.4 |
-7.0 |
|
Notes and Accounts Receivable |
11.4 |
9.1 |
-30.3 |
-36.0 |
-10.9 |
|
Other Receivables-Related Parties |
0.0 |
0.0 |
-0.2 |
- |
- |
|
Other Current Financial Assets |
-1.0 |
-0.1 |
-0.1 |
0.1 |
1.4 |
|
Inventory |
11.1 |
32.5 |
-13.1 |
22.4 |
-9.6 |
|
Restricted Assets |
-8.5 |
0.5 |
- |
0.0 |
-0.6 |
|
Payment in Advance & Other Current Asset |
-1.5 |
4.1 |
8.2 |
-3.8 |
-2.1 |
|
Prepaid Pension |
-0.1 |
-0.6 |
- |
- |
- |
|
Financial Liabi. at Fair Value - Current |
0.0 |
0.0 |
- |
0.0 |
-2.3 |
|
Prepayment for Goods |
36.3 |
12.9 |
-12.4 |
9.2 |
-24.3 |
|
Notes and Accounts Payable |
46.5 |
-30.1 |
10.5 |
25.8 |
12.7 |
|
Accrued Expense & Other Current Liab. |
-9.8 |
-37.0 |
41.0 |
-10.3 |
16.4 |
|
Accrued Pension Liabilities |
0.0 |
0.0 |
-0.2 |
-0.2 |
-0.1 |
|
Advance Receipts |
-0.9 |
-3.5 |
-0.9 |
1.8 |
2.4 |
|
Accrued Expense for After Sales Services |
2.2 |
1.1 |
2.1 |
- |
- |
|
Cash from Operating Activities |
5.0 |
-19.4 |
198.7 |
54.9 |
70.0 |
|
|
|
|
|
|
|
|
Sale of Financial Asset Avail. for Sale |
60.9 |
108.3 |
5.7 |
26.3 |
15.9 |
|
Purch of Financial Asset Avail. for Sale |
-47.7 |
0.0 |
-105.4 |
-1.9 |
-50.6 |
|
Restricted Assets |
0.0 |
43.4 |
0.0 |
10.7 |
-1.4 |
|
Capital Expenditure |
-26.0 |
-174.4 |
-150.0 |
-120.8 |
-81.8 |
|
Sale of Fixed Assets |
0.2 |
0.3 |
0.0 |
0.2 |
0.1 |
|
Deferred Expense |
0.0 |
-2.9 |
-3.5 |
-0.8 |
-1.6 |
|
Intangible Assets Increase |
-0.2 |
0.0 |
-3.2 |
0.0 |
-1.1 |
|
Security Deposits Paid |
1.5 |
-0.8 |
-1.5 |
0.7 |
-1.0 |
|
Other Receivables |
0.0 |
5.5 |
-5.1 |
0.0 |
- |
|
Other Assets |
-0.2 |
- |
0.0 |
0.1 |
0.0 |
|
Long Term Equity Investment |
- |
- |
- |
- |
-21.0 |
|
Financial Assets at Cost |
- |
- |
- |
- |
0.0 |
|
Purchase of Financial Assets-Cost Method |
-1.0 |
-4.6 |
- |
- |
- |
|
Cash from Consolidation Effect |
0.0 |
0.0 |
2.6 |
5.0 |
- |
|
Cash from Investing Activities |
-12.5 |
-25.3 |
-260.3 |
-80.5 |
-142.5 |
|
|
|
|
|
|
|
|
Increase in Short Term Borrowings |
- |
24.5 |
17.3 |
14.0 |
26.3 |
|
Stock Issued from Option Excercised |
0.0 |
0.0 |
0.0 |
0.1 |
0.2 |
|
Decrease in Short Term Borrowings |
-20.3 |
- |
- |
- |
- |
|
Long Term Borrowings |
240.7 |
417.9 |
58.7 |
32.6 |
146.4 |
|
Repayment of Long Term Borrowings |
-277.1 |
-295.7 |
-40.8 |
-11.8 |
-88.4 |
|
Security Deposit Received |
-2.2 |
-0.1 |
0.2 |
0.0 |
0.0 |
|
Cash Capital |
0.0 |
0.0 |
197.8 |
- |
0.0 |
|
Employee Bonus Paid |
- |
- |
- |
0.0 |
-3.9 |
|
Director Remuneration Paid |
- |
- |
- |
0.0 |
-1.5 |
|
Cash Dividend Paid |
0.0 |
-71.2 |
-10.8 |
-22.7 |
-45.7 |
|
Repayment of Lease Payable |
-0.1 |
-0.1 |
-0.1 |
- |
- |
|
Minority Interest |
0.0 |
2.7 |
0.2 |
2.5 |
1.2 |
|
Cash from Financing Activities |
-59.0 |
78.0 |
222.7 |
14.8 |
34.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.0 |
3.6 |
-2.3 |
-0.9 |
0.0 |
|
Net Change in Cash |
-66.7 |
36.8 |
158.8 |
-11.7 |
-37.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
332.9 |
298.5 |
119.8 |
126.0 |
169.8 |
|
Net Cash - Ending Balance |
266.2 |
335.3 |
278.6 |
114.3 |
131.9 |
|
Cash Interest Paid |
7.0 |
6.6 |
2.6 |
3.7 |
4.4 |
|
Cash Taxes Paid |
1.0 |
18.8 |
3.8 |
5.7 |
2.8 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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Annual Ratios
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.80 |
|
|
1 |
Rs.91.95 |
|
Euro |
1 |
Rs.80.36 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.